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Whirlpool slashed its full-year earnings forecast and suspended its common stock dividend on Thursday after posting a first-quarter loss, citing the war in Iran for a severe drop in appliance demand across the U.S.
The company reported first-quarter revenue of $3.27 billion, down almost 10% from the same period a year earlier. Whirlpool posted a GAAP net loss of $85 million, compared with net earnings of $71 million in the first quarter of 2025. Adjusted loss per share came in at $1.43. Wall Street had expected an adjusted loss of $0.36 per share and revenue of $3.42 billion, according to Yahoo Finance.
Whirlpool stock fell about 20% in premarket trading Thursday.
In its earnings release, the company stated: "War in Iran resulted in recession-level industry decline in the U.S. as consumer confidence collapsed in late February and March." Speaking with Yahoo Finance, Warner described March as a month when deteriorating consumer sentiment tied to the Iran war combined with harsh winter conditions to batter North American results, calling the confluence a "perfect storm." Warner put the industry's quarterly contraction at roughly 7.4%, a magnitude she said had not appeared since the era of the great financial crisis.
For the full year, Whirlpool now expects ongoing earnings per diluted share of $3.00 to $3.50, down from a prior outlook of about $6.23, according to the company. Full-year GAAP earnings per diluted share are now forecast at $2.45 to $2.95. Net sales are expected to come in at about $15 billion. The company said it would suspend its common stock dividend to prioritize paying down more than $900 million in debt in 2026.
In North America, major appliance revenue dropped to $2.24 billion, a 7.5% decline from the prior-year period, while segment earnings before interest and taxes fell sharply to $6 million from $149 million a year earlier. Warner said an additional factor was a Supreme Court ruling that struck down blanket tariffs and prompted competitors to cut prices, intensifying pressure across the industry.
CEO Marc Bitzer said the company moved quickly to respond. "We acted decisively to address pricing and costs in the face of rapid deterioration in macroeconomic conditions," Bitzer said in a statement. "Now, with Section 232 changes in favor of domestic manufacturers, Whirlpool Corporation is structurally positioned to win with our American-made products."
As part of what Warner characterized as the most aggressive remedial steps the company has taken in roughly ten years, Whirlpool pushed through a 10% list-price increase in April and has a further 4% hike scheduled for July. The company also said it would pursue more than $150 million in structural cost reductions in 2026.